AlwaysFree: EIA Revises Up US Shale Oil Production Estimates For November

Author: SSESSMENTS

The Energy Information Administration (EIA) on Monday revised up its estimates of US shale oil production for November. In its Drilling Productivity Report, EIA said US shale oil output would reach more than 9.08 million bpd, 113,000 bpd higher than the previous estimates in September. The production is then expected to increase to over 9.13 million bpd in December, an increase of 967,000 bpd from December last year.

The Permian Basins is expected to lead the growth in US shale oil production. Oil output in the region will average nearly 4.73 million bpd in December, increasing by 57,000 bpd in November, according to EIA. EIA’s Permian oil production forecast for November stands at 4.67 million bpd, 123,000 bpd higher than in the previous estimates.

Oil output from the Bakken will be the second-largest contributor in US shale oil production growth. EIA expects Bakken oil production to rise by 9,000 bpd from November to nearly 1.51 million bpd in December. Over the same period, output in the Niobrara is also expected to climb by 6,000 bpd to 771,000 bpd. Meanwhile, Eagle Ford oil production is expected to decline by 14,000 bpd to 1.37 million bpd.